UK mortgage lender folds

Posted on September 10, 2007
Filed Under Uncategorised |

The fallout from the global ‘credit crunch’ continues; UK sub-prime mortgage lender Victoria Mortgages has gone into administration. While by no means a big player in the UK mortgage market, the company did sell ‘£500m worth of mortgages last year, accounting for about 3% of the overall sub-prime market.’

BBC news reports that ‘borrowers whose mortgage applications have been approved, but have yet to receive funds, are set to be worst hit. But rival lender GMAC-RFC is to step in to give finance to some borrowers affected by Victoria’s collapse.’

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